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CPAB Project – Comprehensive Review of the Auditor [Research]

Pro­posed ef­fec­tive date:

To be de­ter­mined

Next steps:

CPAB plans to launch a new project relating to Comprehensive Review of the Auditor in 2017/2018.

Last up­dated:

November 2017

Overview

One of the goals of the Canadian Public Accountability Board (CPAB) is to enhance audit quality and investor protection by providing content to help stakeholders improve audit quality and perform their roles more effectively. On November 27, 2017, CPAB announced that it plans to launch a new project to advance this effort relating to Comprehensive Review of the Auditor in 2017/2018.

CPAB notes that, in 2013, the Enhancing Audit Quality initiative (a collaboration between CPAB and CPA Canada) recommended that audit committees perform a comprehensive review of their audit firm at least every five years. A number of audit committees have performed such reviews, and more are planning to in the near-term. There is interest in understanding how other audit committees, management and auditors have performed their comprehensive reviews.

Accordingly, the project’s objectives include:

to better understand the challenges around auditor evaluation;

to identify best practices in performing a comprehensive review for sharing with the audit firm, audit committee and preparer communities; and

to obtain feedback on the current comprehensive review tools and guidance.

CPAB would like to perform a detailed review of a number of companies who have performed a comprehensive review of their auditor. This will require access to documentation used for the comprehensive review from audit committees and holding interviews/discussions with audit firms, audit committees, and potentially management.

CPAB plans to publish its key insights at the end of the project.

Other de­vel­op­ments

November 2017

On November 27, 2017, CPAB announced that it plans to launch a new project relating to Comprehensive Review of the Auditor in 2017/2018.